The influence of upward social comparison on retail trading behaviour

被引：3
作者：
Andraszewicz, Sandra [1 ,2 ]
Kaszas, Daniel [1 ]
Zeisberger, Stefan [3 ,4 ]
Holscher, Christoph [1 ,2 ]
机构：
[1] Chair Cognit Sci, ETH Zurich, Clausiusstr 59, CH-8092 Zurich, Switzerland
[2] Singapore ETH Ctr, Future Resilient Syst, 1 CREATE Way,06-01 CREATE Tower, Singapore 138602, Singapore
[3] Radboud Univ Nijmegen, Inst Management Res, Heyendaalseweg 141, NL-6525 Nijmegen, Netherlands
[4] Univ Zurich, Dept Banking & Finance, Plattenstr 32, CH-8032 Zurich, Switzerland
来源：
SCIENTIFIC REPORTS | 2023年 / 13卷 / 01期
基金：
新加坡国家研究基金会;
关键词：
RISK-TAKING; DECISION-MAKING; DETERMINANTS; INFORMATION;
D O I：
10.1038/s41598-023-49648-3
中图分类号：
O [数理科学和化学]; P [天文学、地球科学]; Q [生物科学]; N [自然科学总论];
学科分类号：
07 ; 0710 ; 09 ;
摘要：
Online investing is often facilitated by digital platforms, where the information of peer top performers can be widely accessible and distributed. However, the influence of such information on retail investors' psychology, their trading behaviour and potential risks they may be prone to is poorly understood. We investigate the impact of upward social comparison on risk-taking, trading activity and investor satisfaction using a tailored experiment with 807 experienced retail investors trading on a dynamically evolving simulated stock market, designed to systematically measure various facets of trading activity. We find that investors presented with an upward social comparison take more risk and trade more actively, and they report significantly lower satisfaction with their own performance. Our findings demonstrate the pitfalls of modern investment platforms with peer information and social trading. The broad implications of this study also provide guidelines for improving retail investor satisfaction and protection.
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收藏
页数：11
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